KeyBank Provides $19.4M Loan For Office Property In Boca Raton
2300 Glades Road, Boca Raton, FL, USA
$19,400,000
$198/SF
Building Size
97,815 SF
Asset Type
Office
Closing
May 27, 2020
About this deal
AI
An office property located at 2300 Glades Road in Boca Raton has recently been involved in a closed transaction. The asset, spanning across 97,815 square feet, was the subject of a five-year, fixed-rate loan. The loan amount of $19,400,000 was provided by KeyBank on May 27, 2021. The financing is non-recourse and includes both initial and future funding.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $19,400,000
- Address: 2300 Glades Road, Boca Raton
- Market: Boca Raton
The landlord of the property is Sterling Organization, represented by Brian D. Kosoy and Gregory S. Moross. The brokers involved in the deal were Chris Drew, Brian Gaswirth, Michael DiCosimo, and Reid Carleton of JLL Capital Markets.
On the Map
$19,400,000
$198/SF
Office
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Players
Boca Raton Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93